ROANOKE, Va. (WFXR)—According to Forbes Magazine, Virginia ranks as the second-best state in the United States for Business Growth.

The list was made by analyzing data from the Bureau of Labor Statistics to identify the business growth rate in each state. The stats are based on the number of business establishments in Dec. 2021 compared to where they stand the following year. 

According to the magazine, Virginia experienced an impressive business growth rate of 10.5% during the observed time period. In the Commonwealth, the number of businesses alone increased from over 305,000 in December 2021 to over 337,00 one year later.

“The state offers many small business incentive programs, including the Virginia Enterprise Zone, which has many benefits, ranging from tax exemption for rehabilitated structures to tax credits for creating employment,” states Forbes in the rankings list.

The article also states that the state has benefitted from the Dulles Technology Corridor, a business cluster of several defense and technology companies located outside of Washington D.C.

For more information or to see the full list, visit Forbes’ website.